Greg Reyes Free On $2M Bail

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The first criminal backdating case got under way yesterday with the arraignment of Greg Reyes, the former Brocade CEO charged by federal prosecutors with manipulating the timing of stock options granted to his employees. The judge set his bail at two million clams. That might seem pretty steep unless you recall that while he was CEO, Reyes sold Brocade stock worth an estimated $380 million.
More background on Reyes from the San Jose Mercury News here

Ex-Brocade CEO free on $2M bail
[Reuters]

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